Fitch Ratings Revises Forecast for Title Industry Revenue

September 27, 2004

Fitch Ratings has revised upward its forecast for title insurance operating revenue for the full year 2004. Fitch's title insurance industry rating outlook remains stable as we believe that our title insurer rating assignments consider the volatility in the title insurance market. Indeed, GAAP revenue figures for the six publicly-traded firms with substantial title insurance operations unexpectedly have kept pace with 2003's record-setting results. Low mortgage rates relative to historic norms, combined with a robust real estate market, have continued to fuel title insurance revenue. The real estate market, characterized by increasing transaction volume and rising home values, is expected to report record housing starts and home sales in 2004.

In the report, 'Title Insurer Midyear 2004 Results,' Fitch checks the progress of expectations for the title insurance industry in 2004, discussing midyear results for major industry participants, how current market conditions will affect full year results, and other recent events.

Sourec: Fitch Ratings

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